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High court rules 2nd mortgages can’t be voided in bankruptcy

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Related: 3 rules for mitigating clients’ home renovation. be sure that the GC is licensed and has a surety bond. If the GC can’t finish the job for some reason – illness or bankruptcy, for example.

In a rare, unanimous decision, the High Court sided with mortgage lenders, saying bankruptcy courts are not allowed to "strip off" secondary, or junior, mortgages, such as home equity lines of credit , even if the junior mortgage is completely underwater. The Bank of America v.

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High court rules 2nd mortgages can’t be voided in bankruptcy June 2, 2015 WASHINGTON (6/2/15)–Homeowners cannot void a second mortgage using bankruptcy protection, the Supreme Court ruled Monday.

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E.D.N.Y. 2010) has rules that the strip off of a second mortgage is not allowed in Chapter 7 bankruptcy cases. Accordingly, owners of property that is "underwater" should consider a bankruptcy filing to void their second mortgage if they desire to retain the property in the bankruptcy.

The second part, Part B, is processed after the title work is approved by HUD and requests reimbursement to servicers for all out-of-pocket advances – both escrow advances and corporate advances.

Bankruptcy law varies depending on where the action is filed and which chapter of bankruptcy is being pursued. A local bankruptcy lawyer will know the particulars of filing for bankruptcy, can recommend what chapter of bankruptcy is right for you, and can ensure that your paperwork is filed correctly.

In some cases, homeowners could also have their loans declared unsecured debt by a bankruptcy court. up in the second month. That’s misleading.” defense lawyers say that argument is unlikely to.

Under some circumstances, a bankruptcy court may not only delay or stop a foreclosure process, but actually declare a mortgage to be void, relieving the debtor of the obligation to continue making any mortgage payments. Bankruptcy courts can eliminate or reduce the amount you own on second mortgages in some.

Second, being discharged from bankruptcy does not remove a tax lien from your property. CRA has the ability to register a lien against your property without your consent. If you think there is a possibility that this has already happened, you should discuss it when.

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